Why the Bears Might Be Right About Fossil Group Stock
Shares of Fossil (NASDAQ: FOSL) tumbled about 70% this year due to ongoing concerns about the company's plunging revenues and widening losses. The maker of watches, leather goods, and jewelry hasn't posted a quarter of positive annual sales growth in three years, and that decline won't end anytime soon -- analysts see its revenue falling 9% this year and another 1% next year.
Fossil's stock plunged 25% on Aug. 9 after it reported a top-line miss and a wider-than-expected loss for its second quarter. Sales dropped 13% annually to $596.8 million, missing estimates by $21.1 million and marking its steepest decline in seven quarters. It reported an adjusted loss of $0.61 per share, which was $0.15 below expectations. CFO Dennis Secor also abruptly quit for personal reasons.
Fossil's Q Series Smartwatches. Source: Fossil.
Source: Fool.com
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